Who's market is it anyway? This ever changing, ever evolving thing called Real Estate
Author: michelle.hogan
Whether you're a first-time home buyer in search of your dream home, a seller looking to downsize or an investor looking for a great opportunity, working with a dedicated real estate professional can make all the difference.
I deliver unmatched customer service, and my genuine desire to see your property goals come true makes me the go-to resource for all your real estate needs. For sellers, I take full advantage of Coldwell Banker's® marketing tools to ensure that your property is broadly promoted on a variety of channels, including major real estate websites, and my negotiation skills are second to none. For buyers, I effectively analyze the local market and target trends to help you find the perfect home at the right price.
If you're looking for a positive, helpful partner who is ready to provide you with exceptional service, let's talk today!
Bexley, how do I love thee? Let me count the ways…
With so many special features that Bexley has to offer, narrowing down the list can be difficult. After all, how is it possible that so much can exist in a city that is only 2.44 square miles? Is it the tree lined streets? The neighborly feel of an old small town like our parents grew up in? (Many even here!) The grand Fourth of July parade and celebrations? Or maybe it’s seeing our mayor pedaling around town tending to business.
Bexley Ohio Real Estate 2022 in Review:
163 Homes Sold
$647,039 average sold price
14 average days on the market
For me, it’s the seemingly endless unique styles of homes, both inside and out. What’s even better is watching how homes here change over the years to meet the needs and tastes of their newest residents. Do you often wonder when the home sells down the street what the new owners might do to make it their own? When the contractor trucks start showing up, are you curious to know what changes they might be making? I know I am!
Homes that were built in the early to mid 1900’s were built with different needs in mind and as Bexley remains a highly desirable city for a multitude of reasons, the needs of today require alterations to the homes of yesteryear. The investment residents make in their homes proves there is strength in numbers as values and interest remain strong in Bexley.
You know the old saying “When it rains, it pours”? That’s how I have felt for the last few months, but ten-fold recently because literally and figuratively it was happening.
My basement had flooded for the first time and while dealing with all of that grossness, and I mean GROSS, I realized my hot water tank was producing anything but. I thought to myself oh sure, just keep dishing it out, I can take it; Covid-19, murder hornets, heavy rains and breaching rivers…just…whatever anymore, right?
I had heard that it’s not uncommon to lose your mechanicals in a situation like this, such as hot water tank, furnace and even appliances like washer and dryer, so I immediately assumed the worse, naturally.
A friend said the hot water tank may just need to dry out a bit and asked if I had “checked it”. I said, “Oh, the pilot light thing!” Re-reading my text I thought to myself come on Michelle, you know this. Get your head on and stop embarrassing yourself! So I hopped downstairs, sloshed over to my tank, sat down on the damp floor and read the teeny-tiny instructions. (Why isn’t something as important as safely relighting the pilot light on a hot water tank written in bigger text on this thing? I mean, there’s PLENTY of room on it.)
I got this. It’s probably pretty unlikely it will blow up, right?
Right??!
I turned the tiny knob, clicked a few times. Nothing.
Clicked a few more.
Nothing.
Great.
Either it’s broken or I am going to blow up.
Abort mission!
When I think about who to ask for help in these situations I often go with the least embarrassing. My family isn’t local. I can’t just call Dad over so I shoot a text to my handyman asking if he knew anything about hot water tanks and told him about my basement. He was over within a couple of hours. It took him all of one minute to light it. So much for least embarrassing. As he came up from the basement he said “It’s all good.”
Really?
Did I just actually catch a break? A real break?
He went on to explain how you have to click about a hundred times before it lights and I explained how I only clicked five times before worrying about the whole blowing-up-in-my-face-thing and getting out of dodge.
But it was this one other thing that he said that really stuck when we were chatting afterwards at my dining room table.
“I know how bad you want to take care of this house. It’s impressive, kid. You’re doing it.”
I’m doing it.
I’m doing it!
I needed that little boost. Words of encouragement. Aknowledgment, if you will. Motivation to keep going. To muster up and power through.
I really needed it.
As a real estate professional and an individual home owner, I will openly admit to the world that I was feeling discouraged. Like I said, the months leading up to this had been and still are VERY disheartening. I kept thinking, how am I going to get through this? How are any of us going to get through this? I’m pretty sure nearly everyone was thinking and feeling the same in some form or another, for one reason or another. But that statement gassed up my tank. Suddenly I felt proud. Empowered. Hell yes, I am doing this! And I’m kicking ass, too! (Technically it was kicking my ass, but not anymore!) I’m taking charge of this ship and we are forging ahead! I will not give up. Good will prevail!
Okay maybe there is a smidge of drama there but owning a home is hard work. No one should ever tell you it will be easy. It’s amazingly rewarding of course, but something will always need to be fixed. Something will leak. Something will need to be painted. Roof replaced, furnace serviced. Weeds pulled, grass mowed, shrubbery trimmed. And just when you figure one thing out, another challenge will present itself. Just when you think you’ve finally caught up, another problem will arise. When you finish one project, you’ll find the next. You’ll watch YouTube how-to videos, call friends, ask Mom or Dad for advice. You will learn. Why? Because it’s YOUR UNIVERSE and you need to defend your property against the enemies of destruction!
Slightly dramatic again, I know, but you get my drift.
So, what does that all even mean?
Well, it means taking care of your property so that it maintains or increases in value.
It means protecting your investment.
There will always be outside factors to take into consideration, but this is your home. Your home is an investment. It’s your biggest asset. You signed the papers, you pay the mortgage and one day you will sell your home and, if you have taken care of it and done the right things, you will likely walk away with a nice bit ofproceeds; aka, money back at closing. Maybe that becomes a down payment for your next home or money that you reinvest in something else. One of the best things you can invest your money in is real estate. Like rental properties, the purchase of your home is an investment. Think of yourself as the landlord and the tenant all in one. When something breaks, you fix it for yourself or for you and your family. When the next thing breaks, you fix that, too. There may be times when you can do it yourself and there may be times when you need to ask for help. There may also be times when you feel like you can’t catch a break and you start to hear that old saying in your head “when it rains, it pours”, just like I did. You may even sit at your dining room table and have a good cry, just like I did. (Did I just admit that?) Well, you do that. Have that cry. Then, get yourself up, put your superhero cape on and GET TO IT.
This is yourhome.
Take care of it.
Protect your investment.
Trust that what you do now will put you in a better position later.
I repeat: what you do now will put you in a better position later.
You will never regret taking care of your home, I can promise you that.
The sun did eventually come out and it actually did dry up all the rain and while I’m still getting things back in order and trying to figure out if I will have anxiety every time it storms, (so far, yes) I can honestly sit here and say that it’s worth it. All of it. I defeated the enemy so that I can continue to create memories. I fought off the evil destruction of the rain so that I can share my home with family and friends. So that I can keep watching my daughter walk to friends houses from my front window. So that one day when I decided to sell my home and welcome the next person to begin creating their memories, I will have maintained or improved it’s value. I will have taken care of my home and thus taken care of myself.
Probably! You’re amazing! You are smart, fearless, strong and obviously brilliant since you are reading this:) But, why would you?
Let me ask this: Your car needs an oil change. The auto supply store sells oil. They probably sell those lift things to pull your car up onto and I’m sure you can find a good video on YouTube. But, would you change the oil in your car yourself? Most likely not. You leave it to the experts to get their hands dirty and in 30 minutes you are on your way where as it may have taken you hours t do yourself. Heck, cleaning my own house can take me three days. I am learning that the hard way while being banished home durning the Covid-19 pandemic. (Apologies to my most amazing housekeeper…it’s temporary!) My point is, when there is an expert available, it just seems smart and you are SUPER smart. (See above)
Let’s break it down a little.
You decide it’s time to buy a home. (Congratulations) This is a big step. A huge step! It’s your first time, so you start online, of course. That’s where everyone begins. You spend your evenings after work perusing one of the hundreds of real estate websites for the perfect home. Maybe you take a few peeks on your lunch break. You get an alert from some site you were on, take a quick look while at you desk. Wait, what site was “that one” house on? You thought you saw it on Zillow but now you don’t see it. Hold up, now you see another possibility. This one looks good so you send the inquiry in. Your phone rings, and rings again, and your text pings, and again. Sound at all familiar? Suddenly it’s overwhelming and you stop answering and responding altogether.
Scary, isn’t it?
When you are dipping your toes in the water but not sure what lurks below it can be scary, but it doesn’t have to be.
It should be fun.
And exciting!
Enter stage right: The Expert.
Having an expert guiding and coaching you, managing the transaction and ensuring all parties are communicating and working together you will save you a lot of time, wasted stress and energy. Do you know what the best part is? As a buyer, having a real estate agent represent you and look out for your best interests doesn’t cost you anything but possibly a small broker’s administration fee. (This varies across the county and usually runs between $250-400, for example, paid when you close on your home.) (*Unless you are party to a rather uncommon transaction where you wish to have representation when buying directly from an owner who is not paying a real estate broker to list their home, you may be choose to pay your agent’s broker’s commission for said representation . Feel free to pop me a question if you would like clarification on this.)
Buying a home is one of the biggest investments you will make in your life, if not THE biggest. This is serious business. Purchasing real estate is also one of the BEST things you can invest your money in, if not THE best. That’s a lot of “bests”!
Sounds pretty important, doesn’t it? That’s because it is.
There is so much information at our finger tips, constantly accessible 24 hours a day 7 days a week. It’s what we’ve become used to as a society. Choosing a home online in the comfort of our own space that has pretty pictures is the easy part. Getting to the closing table is another story. There’s no reason for it to be a scene from a 1930’s wild wild west movie, trails blazing and guns slinging.
Don’t be afraid of The Expert.
Sure, there are thousands of real estate agents out there vying for your attention and commitment, but once you make a connection with someone who you feel comfortable with, you’ll realize that most have a very strong passion for you and this business. Connecting clients with the home of their dreams, looking out for and protecting their best interests and negotiating on their behalf is our goal and commitment to you. There are a lot of moving parts cranking along, working simultaneously to reach the final goal: handing you the keys to your new home. How great is that??
Trust The Expert.
Buying a home, whether it’s your first, second, third, or last, vacation home, upgrading, downsizing, whichever it may be, is a BIG decision. A very important decision. YOU are important and your real estate agent should make you feel that way. Don’t be afraid to interview agents to see who you connect best with. A homeowner who is selling their home often does and buyers should, too. One size doesn’t necessarily fit all.
For a homeowner selling, it is just as important to have a trusting relationship and connection with their agent. Selling a home takes a lot of work from both. Preparing their home for the market is not easy and can take days, weeks and even months to get it ready. Having an agent to consult with, guide them on what is most important in preparing the property and ultimately getting the best possible price is invaluable, not to mention ensuring that legitimate buyers are only entering their home with a licensed agent. Going at it alone has a lot of risks and statistically they end up selling for less than market value simply for pricing incorrectly. There are many balls to juggle at one time and that can make sellers very vulnerable.
Take a deep breath and let the professional change the oil.
So what are you waiting for?! Let’s get to it! The perfect home for your needs is out there and you can have your very own personal tour guide.
I’ve been asked this dozens of times: “How do I know if I’ve found THE ONE?”
I secretly love this question. It even makes me a little misty-eyed when I start to answer. Cheesy right?! I can’t help it! It’s almost impossible to not get emotionally connected to clients. From the very beginning I start getting to know each of them personally. It’s a natural progression when you spend any length of time with someone. After all, I’m about to play match-maker.
What are you looking for in a home?
What is most important to you?
Connectivity? Curb appeal?
Do you prefer a ranch style floorpan, or something taller, like a 2-story?
How about age? Are you into older homes with character or newer homes that are more low maintenance? Grey is in!!
These may sound like questions for a dating profile, but that’s exactly what we’re about to start doing. Dating. Homes that is. Depending on the areas of town my clients are looking in, it may be more like a speed dating reality show, but dating nonetheless. As funny as it sounds, these questions are important. They help me pair certain neighborhoods and areas of town with the personalities and preferences of my clients. They help me filter some of the prospects out, although I do encourage keeping an open mind;)
Truthfully speaking, I advise clients when I’m preparing the property search that we keep their criteria to the most important, but basic, requirements. This is because of the lack of prospective homes on the market. (See my debut post “Who’s Market is it Anyway?”) The more detailed and specific we are with our wants and needs, the more homes that will be blocked out because they aren’t a match. I suggest basic requirements such as number of bedrooms and baths, price range, areas of town or school districts and whether a basement or garage is desired. This ensures the most results that will come through. Of course, what’s important to them is important to me and if that means a fenced yard is a must-have then a fenced yard is on the list. Check!
Once we have this determined, and a few other things including pre-qualification and realistic timeframe to buy, we are ready to start meeting the matches. Don’t worry, a new outfit is not required. (Speaking of new outfits, don’t make any big purchases when you are getting ready to buy a home or while you are in contract to purchase. This can absolutely affect your qualification. So hold off on spoiling your mate until after we close!)
Then the fun begins. We go out, we start meeting homes in person, seeing who makes the cut or who get’s swiped away. Each buyer has their own little signals, mannerisms and clues that I listen and watch for. These will be revealed consistently throughout showings. Something as diminutive as a quiet throat noise or a “hmm” will indicate to me a bit of lackluster enthusiasm about this prospect. Sometimes there are more obvious clues like envisioning where furniture might go or where the TV will be placed. Brainstorming on how they see themselves interacting in their future together. It’s a process.
Oftentimes, I can tell before my buyers whether or not this is “the one”. As we walk through homes together, there is an agenda. We are not just looking at the appearance or aesthetics of the home.
Is it pretty?
Handsome?
Stone countertops and stainless steel appliances?
We are also looking for it’s flaws. Because let’s face it, EVERYONE (every “thing”, excuse me) has flaws. The question is, can they be overlooked? Can they be justified? Can the buyer say, “I’m willing to accept this because it has these other features that I really like”?
So what is the agenda? Well, it’s to point out the good, the bad and the ugly. We are, after all, only on our date for an hour or so, sometimes less, before deciding to make a commitment. That’s not much time in the grand scheme of things. I have told many a client “You can do better.” That’s right. I work in a fully commission based field and I will suggest if I think we should keep looking. This isn’t about me. It’s about you and your future together. I’m like your house-dating-parent voice of reason! It truly is about connecting you with the home of your dreams.
So back to the initial question I am often asked: “How do I know if I’ve found THE ONE?”
It’s simple. You get that “feeling”.
Butterflies.
Excitement.
Giddiness.
Heart palpitations.
You just KNOW.
It feels right. It feels comfortable.
It feels like HOME.
But, remember, as I always say, don’t fall in love yet.
If I’m being honest I have wanted to do this for a long time and now that we are socially isolating (let’s face it, that’s what it really feels like) because of the…ugh, I can’t even say it! Well, no time like the present I suppose. Blogging starts…NOW!
Up until just a couple of weeks ago, it was business as usual. Very busy start to the spring buying season and on track for a great first quarter. Just the other day, someone asked me if we were in a buyer’s market or a seller’s market.
First, let me explain the difference between the two. In a buyer’s market, we have an abundance of homes on the market for them to choose from. An increased inventory means the buyer doesn’t necessarily have to make a quick decision and they are in control. i.e. more inventory than there are buyers looking to purchase a home. In a seller’s market, we have fewer homes on the market and a large pool of buyers, essentially competing for what little is available. Sellers reap the reward of that demand and often pushing the price of their home up and they often get multiple offers over asking.
My response to their question was “both”. They looked, one eyebrow raised, and so I explained my point of view. With the lack of inventory, or “fast” inventory as we have been calling it, (homes come on the market and exit faster than the speed of light) and the high number of buyers, naturally you would say we have a “seller’s market”. But, that seems to only be true until there’s a contract. Then, there is often a shift in power.
Suddenly, we have a buyer who has paid a premium price often over asking, sometimes having waived contingencies and sometimes not, that’s calling the shots. Troubling home inspection? No problem. They’ll walk, never having had an emotional connection to begin with. Not getting the response to their request for repairs? They’ll push, hold firm, or hit the road, leaving the seller scratching their heads thinking they thought they loved the home! Truth is, they don’t always fall in love with the home in the beginning anymore. In fact, my advice to buyers: “Don’t fall in love just yet”.
Hearts will sometimes be broken.
I coach my buyers to keep emotions aside. For the seller however, it can be a rollercoaster. Will they toss in a load of cash for repairs? Will the buyer walk? Stay? Will it appraise? Should they even pack?? Even with the lack of sitting inventory, buyers feel pretty confident that another home will come along if this one doesn’t work out.
So yes, just based on digits, low inventory and a large buyer pool equals a seller’s market. But who wears the pants in the relationship? That is up for grabs.
Now the looming question: Will Covid-19 (eek! I said it!) shift our market? I think it’s too soon to tell. Things are fragile, yes. We are in uncharted waters. We are figuring out what to do one day at a time. But most importantly, we are in this TOGETHER.
